AUSTIN, Texas, Jan. 27 /PRNewswire-FirstCall/ -- Epic Corp. (OTC: EPOR), a healthcare financial services company today issued the following letter to shareholders from the Company's Chief Executive Officer, Ronald S. Tucker:
This is the first of many shareholder updates that we will provide to more effectively communicate our progress and development of our company to you.
During the first fiscal quarter ending December 31, 2009, EPIC entered into a consulting agreement with Senior Care Holdings, Inc. ("Senior Care") for the formation of Senior Care Communities Trust, Inc. ("Trust").
We acquired a 50 percent interest in a healthcare operating and service holding company, filed an Offering Statement with the U.S. Securities and Exchange Commission for the Trust and arranged for the preparation of an audited financial statement for the years ending September 30, 2009, and September 30, 2008.
Our consulting agreement with Senior Care provides our company with monthly cash flow and a sizable contribution to our bottom-line. The joint venture assures EPIC a profit of $2 million as of June 30, 2010, of which $1 million is attributable as of December 31, 2009.
We see a tremendous growth opportunity for our company through our joint venture with Senior Care.
The 65-to-84 age group is the fastest growing age group in the United States over the next two decades, and there are more than 38.6 million senior citizens in the U.S. alone. Despite this demographic tidal wave, there is a dramatic lack of age-specific housing, and the industry is very fragmented. To put things in perspective, 10 of Senior Care's facilities had net revenues of $71,950,000 and net profit of $4,550,000 for the 12 months ending June 30, 2009.
We are uniquely positioned to not only profit from Senior Care's operations, but help them expand their operations by opening new facilities that will be funded through the Trust.
In the second quarter EPIC will complete its audit and blue sky its common stock to enable broker sales, commence acquiring interests in healthcare facilities operated by Senior Care for its subsidiary RX Healthcare, and qualify the Trust Offering Statement with the SEC.
We are diligently working toward building additional value for our valued shareholders, and capitalizing on our timely and distinctive investments in the months and years ahead.
Thank you for your continued support.
Ronald S. Tucker
Chief Executive Officer
About EPIC Corporation
EPIC Corporation is a healthcare financial services company, whose value grows through the internal and external growth of its healthcare subsidiaries and affiliates. Its mission is to provide investment opportunities in healthcare companies, primarily those providing healthcare services to seniors through independent living, assisted living, and skilled nursing facilities. See http://www.pinksheets.com/pink/quote/quote.jsp?symbol=EPOR#getCompanyInfo for a current quote and for financial and market information about EPIC Corporation, and the Company website at www.epiccor.com.
Ronald S. Tucker
SOURCE EPIC Corporation